Sales of LEGO products contributed to Smyths Toys’ best British sales yet in 2018.
While the demise of Toys R Us seemed to demonstrate the end of the large toy shop format, Smyths Toys is continuing to expand in the UK and has seen record sales in 2018. The total revenue for the year was £581.57 million, Independent Ireland reports. Pre-tax profits increased to £14.5 million.
Six new stores opened in 2018, with the directors attributing sales of LEGO sets, Shopkins and super hero products contributing to the success.
The directors are “very pleased with the increase in profit particularly given the current economic climate and the increased competition in the marketplace”.
UK employees increased in 2018 from 1,888 to 2,195 with staff costs increasing from £28.27m to £33.47m.
Expansion plans are not over, with the directors promising that “further expansion will occur in the UK market in the coming years through the opening of new stores”, with £20.66 million spent on property purchases last year.